In that sense, we’d be asking whether the S&P 500 is at risk of its third major bear market against gold within the past 50 years. The first one was in the 1970s. Then there was a second one in the 2000s. And lately it’s been gradually rolling over for a third time. Could a combination of tariffs, global capital flow shifts, and broad trade

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From the early 1980s through the 2000s, interest rates were high and steadily heading down, which meant bond prices were steadily going up while also paying their holders a hefty income along the way. And quite usefully, their price action tended to be inversely correlated with equities; bond prices normally went up in recessions while stocks went

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